Needham & Company LLC Boosts FARO Technologies (NASDAQ:FARO) Price Target to $26.00

FARO Technologies (NASDAQ:FARO - Get Free Report) had its price objective lifted by stock analysts at Needham & Company LLC from $24.00 to $26.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the scientific and technical instruments company's stock. Needham & Company LLC's price target would suggest a potential upside of 2.44% from the company's previous close.

Separately, Craig Hallum lowered their price objective on shares of FARO Technologies from $29.00 to $25.00 and set a "buy" rating on the stock in a research report on Friday, August 9th.

FARO Technologies Trading Up 34.8 %

Shares of NASDAQ:FARO traded up $6.55 during midday trading on Thursday, reaching $25.38. 483,063 shares of the company's stock were exchanged, compared to its average volume of 170,392. The stock has a market cap of $494.91 million, a price-to-earnings ratio of -32.01 and a beta of 1.26. FARO Technologies has a fifty-two week low of $13.52 and a fifty-two week high of $26.32. The firm's 50 day simple moving average is $17.93 and its two-hundred day simple moving average is $17.53. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.33 and a quick ratio of 2.01.

FARO Technologies (NASDAQ:FARO - Get Free Report) last posted its earnings results on Thursday, August 8th. The scientific and technical instruments company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.14. FARO Technologies had a negative return on equity of 5.72% and a negative net margin of 4.25%. The firm had revenue of $82.09 million for the quarter.

Insider Buying and Selling at FARO Technologies

In related news, CEO Peter James Lau sold 5,435 shares of FARO Technologies stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $16.67, for a total value of $90,601.45. Following the sale, the chief executive officer now directly owns 133,975 shares in the company, valued at $2,233,363.25. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.10% of the stock is currently owned by corporate insiders.

Institutional Trading of FARO Technologies

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in FARO Technologies by 4.2% in the first quarter. Vanguard Group Inc. now owns 1,589,519 shares of the scientific and technical instruments company's stock valued at $34,191,000 after buying an additional 64,095 shares during the period. Swedbank AB purchased a new position in shares of FARO Technologies in the 1st quarter valued at $3,226,000. Acadian Asset Management LLC lifted its holdings in shares of FARO Technologies by 136.2% during the 1st quarter. Acadian Asset Management LLC now owns 169,882 shares of the scientific and technical instruments company's stock valued at $3,653,000 after acquiring an additional 97,969 shares in the last quarter. Kennedy Capital Management LLC boosted its position in FARO Technologies by 105.1% during the 1st quarter. Kennedy Capital Management LLC now owns 437,589 shares of the scientific and technical instruments company's stock worth $9,413,000 after purchasing an additional 224,273 shares during the period. Finally, Divisar Capital Management LLC increased its holdings in FARO Technologies by 5.1% in the 2nd quarter. Divisar Capital Management LLC now owns 1,838,777 shares of the scientific and technical instruments company's stock valued at $29,420,000 after purchasing an additional 90,000 shares in the last quarter. 97.19% of the stock is owned by institutional investors and hedge funds.

About FARO Technologies

FARO Technologies, Inc designs, develops, manufactures, markets, and supports software driven three-dimensional measurement, imaging, and realization solutions worldwide. The company offers FaroArm, a combination of a portable articulated measurement arm, a computer, and CAM2 software programs; FARO Laser Tracker, a combination of a portable large-volume laser measurement tool, a computer, and CAM2 software programs; FARO Laser Projector, which provides a virtual template that operators and assemblers can use to position components; FARO Laser Scanning Portfolio to measure and collect a cloud of data points for 3D rendering of an object or area; and FARO Mobile Laser Portfolio provides 3D scanning while attached to other mobile devices, such as drones for metrology, reverse engineering, factory automation, building information modeling, public safety, and other applications.